CRYPTO POLICY

The world's largest CEX by trading volume announced the shut down of its operation in the Netherlands on Friday

"The Shares have been designed to remove the obstacles represented by the complexities and operational burdens involved in a direct investment in Bitcoin," the Blackrock's application read.

While the court has yet to rule on Celsius' proposal, it is already being met with opposition.

Kwon will have to wait for six months in custody as the Montenegro court decides on the request of South Korea for his extradition.

It isn't clear how the court's decision in the Bahamas would affect Sam Bankman-Fried's prosecution in the United States, but it may have led to the latest move by the prosecution to temporarily stop pursuing the five charges filed after SBF's Bahamas extradition.

"Since the CFTC and the SEC have not been able to figure this out, we're gonna have to have Congress step in and draft legislation that will unblock this issue in the United States," the Coinbase CEO said.

The SEC told the court in a Tuesday filing that Coinbase's writ of mandamus "should be denied" and revealed that despite the seven-day deadline, it "has not decided what action to take on Coinbase's rulemaking petition."

The Hinman documents, which contain internal communications within the SEC regarding a speech delivered by Hinman despite warnings from other divisions of the financial regulator, were unsealed Tuesday.

A status update from both parties is expected to be filed in the court by Thursday.

JP Morgan strategists claimed that if the financial regulator wins the legal battle, it could trigger the delisting of tokens from exchanges and restrict the potential development of the blockchains behind the tokens.

"U.S. capital markets must be protected from a tyrannical Chairman, including the current one," Davidson said in a tweet, announcing that he has filed the SEC Stabilization Act.

"Binance and Zhao are not the typical foreign entity and individual, as they are widely known for disagreeing with the premise of a headquarters or domicile, let alone identifying one, and Zhao is famously protective of revealing his whereabouts," the SEC said in the court filing.

Last month, a report surfaced online claiming that committee members of the Democratic Party have received a memo ahead of the hearing for digital assets regulation allegedly reminding the lawmakers to support the SEC's position on crypto assets.

Offshore crypto exchanges saw a significant increase in terms of trading volume, with the research revealing offshore trading platforms experiencing four times more than the exchanges in the U.S.

While altcoins continue to wade in the puddle of red, Bitcoin showed dominance in the market, with long-term holders and market participants continuing their accumulation of the world's first-ever crypto asset and showing very little activity when it came to sending their stash to exchanges.

The prices of the assets deemed as securities nosedived following the classification. ADA witnessed an 11% loss and was trading at $0.325; SOL was down 8% and was trading in the red zone at $19; and MATIC saw a 12% decline in its value at $0.784, according to the data from CoinMarketCap.

When speculations about the exchange relocating offshore surfaced online, its founder and CEO Brian Armstrong dismissed the rumors, saying, "Coinbase is not going to relocate overseas."

The commission-free trading platform shared that it will end its support for Cardano, Polygon and Solana crypto assets at 6:59 p.m. ET on June 27.

Binance.US also announced delisting of USD trading pairs next week and the imminent pause of fiat withdrawals starting June 13.

Aside from his legal battle in Montenegro over his alleged forged travel documents, the country's prime minister has also ordered the prosecution to investigate Kwon's ties with the leader of the Europe Now political party.

"As we conveyed nearly four months ago, Mr. Gensler should have been recused from any consideration in this matter based on this history and the prospect that Mr. Gensler may be a material fact witness," Binance's lawyers told the SEC in a letter.

Aside from his over six years of prison sentence, the 64 years old businessman from Arizona was ordered by the court to "pay a forfeiture of $740,249,140.52 and restitution in the amount of $53,189,261.80 to the AAF."

Changpeng Zhao is no stranger to FUD or the crypto speak for fear, uncertainties and doubts, since Binance has become a magnet of a lot of controversies over the past years.

While former Finance Minister Milojko Spajić confirmed he knew Kwon, he denied the crypto executive's claim and called him a "fraudster who defrauded millions of people."

"We continue to believe that rules of the road, from legislation or rulemaking or both, must come before enforcement actions. That is why we petitioned the SEC for rulemaking nearly a year ago in the first place," Coinbase chief legal counsel Paul Grewal said.

Binance immediately responded to the news about the SEC filing the emergency motion in an attempt to quell potential unrest and anxiety among its clients, and called the motion "unwarranted" and executed on an "expedited basis."

The lawsuits against Binance and Coinbase, according to the SEC chairman, took a while to produce due to the amount of work required.

The SEC filed a lawsuit against Coinbase on Tuesday alleging that the exchange has been operating an unregistered exchange, broker, and clearing agency.

The SEC sued Coinbase on Tuesday just a day after filing 13 charges against major exchange platform Binance.